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13/01/2010 -
The world is increasingly moving toward a cashless society, driven both by consumer demand and merchant preferences, a Visa official told the UK newspaper The Telegraph.Steve Perry, executive vice president of Visa Europe, told the newspaper that society is becoming increasingly cashless because consumers have found that electronic payment processing is easier than carrying around cash, and are consequently shifting from paper to plastic payment methods.
In addition, debit and credit card processing is better for merchants because it costs less than handling cash, he said.
"Because cards are less risky (the associated cost is estimated at 0.02 percent to 0.1 percent per transaction on cards compared with 0.1 percent to 0.2 percent with cash) and encourage spending, they are more efficient and better value," Perry told the newspaper. "Furthermore, card transaction fees are expected to fall."
The UK seems particularly proactive about transitioning to a cashless society - the UK Payments Council has announced that it will phase out the existence of cheques entirely by October 31, 2018.
"There are many more efficient ways of making payments than by paper in the 21st century, and the time is ripe for the economy as a whole to reap the benefits of its replacement," said Paul Smee, chief executive of the payments council.
